Occidental Redeems Stock

November 22, 1985

Occidental Petroleum Corp. paid $86.1 million to redeem preferred stock it issued to financier David H. Murdock as part of Occidental`s purchase of Iowa Beef Processors four years ago. The action completed the repurchase of all Occidental stock received by Murdock in the deal. Occidental Chairman Armand Hammer said the repurchase would eliminate an annual dividend obligation of about $10.3 million, thereby benefiting per-share earnings of Occidental`s common stock.